MO being tested by FDA fears and Institutional Selling
If any stock can do a fakeout, it's Altria. We've seen intense selling to where the RSI is no good. FDA pressure and fears of menthol bans accelerated the selling momentum. We broke down through the channel, furthering bear strength and then through a strong support slope. Yearly bottom of April has held. I'm seeing a bear flag, yet overlapped with a semblance of a bull flag on smaller timeframes. Until buyers can settle above 57 at a close, today could be just a small reprieve in the overall drop. Hoping for bull momentum to return and the downward slope to prove as support. February's Support slope will likely prove as strong resistance in the future. 56.34 area as current immediate resistance... A strong upward break through 57.10-57.33 will be important to reclaim trading zones.
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